Today, I would like to talk about Seoul City’s solution to the issue of rising rent. Only a few weeks away from spring, which is also a major moving season, Seoul City is determined to resolve public unease and restore market stability.

The rent will continue to rise steadily this year at a rate of 2~3%. There will be enough to accommodate all moving households, but Seoul City will have a general safety plan just in case.

For one, Seoul will offer 7,400 public housing units from February to March. An estimated 20,000 public and private homes will be available on the market during the period February ~ April.

The Seoul City Key Money Support Center will increase the credit line for leasers who were not able to return the key money, offer financial support for more soon-to-be tenants of public housing managed by SH Corporation, offer consulting on key money loans available, recommend appropriate loans, etc.

Seoul vouchers for low-income families will be offered to more units this March, increasing the beneficiaries from 10,000 families to 12,000. REIT companies will be supplied with private homes first this March in an effort to give the real estate market a boost.

Seoul City will operate a Grassroots Stable Living Task Force to monitor regional housing supply and restrict real estate agencies and other information providers from distorting the housing market.

Seoul has designated housing as a fundamental human right and a basic need for all Seoul citizens. There are many obstacles to overcome, but we will continue to do our best to keep our word.